Waiting for Copper to break above 2.9740 or Below 2.8800

Updated

Copper has been range bound for the last 7-8 weeks. Waiting for it to either break above or below this range, it should be a pretty powerful move once it does.

Above opens up to 3.19 level at least. Below, it could go back to 2.7760 (50%) retrace or further, all the way down to the rising trendline that started in the early 2000s

Trade active

Crazy day. I went long originally around 2.9680 after it went up to 2.9880 and came back down. Thought was that it was a retrace and would continue up. Stopped out at 2.700. I waited for the market to react afterwards as I wasn't sure of the direction.

Since it could not close above my big thick 2.9680 line, I took the opportunity to short @ 2.9640 after markets closed. Targeting 2.8845 region, will see how it reacts to that. Stop placed at 2.9635.

Good chance this is a continuation down into long weekend and afterwards if this overnight move holds.

Trade closed: target reached

Closed out trade @2.9000, waiting to see reaction to this area - might get back on short horse or go long. So far there’s a wick in short timeframes @2.8855

Trade active

Took a long @ 2.8805, daily closed above2.8855 - taking it as a good sign for now, expecting it to be on its way back up to upper boundary and potentially more. SL@2.8815

Trade closed: stop reached

Stopped out. This closed well below the line, I’m going to wait for a retest of the line and see how it reacts. If it’s going down there’s a long way to go

Note

Missed this opportunity - was choppy and didn't pull the trigger. Hindsight 20/20, it was a low volume test of 2.91xx levels

muis2

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